Soldinger-Run Cosentino Winery Creditors Stiffed For More Than $9 Million

Jeffry Locke, the U.S. Bankruptcy Trustee appointed to oversee the Chapter 7 liquidation of Cosentino Winery has issued his final report which wraps up court proceedings.

PROCESS INVOLVES SOLDINGER-RUN COMPANY, NOT CURRENT WINERY

The bankruptcy process involves the old Cosentino Winery LLC and associated business entities which failed spectacularly under the management of Chicago accountant Larry Soldinger.

The winery is currently owned and operated by Vintage Wine Estates. VWE purchased the winery’s assets in January 2011 from the senior secured mortgage lender which foreclosed on its liens.

FEW ASSETS LEFT GO TO ADMIN FEES

Locke’s report pays a little over $10,000 in administration fees but leaves creditors holding the bag for more than $9 million in claims that were approved  but for which no funds exist for payment. More than 840 creditors are affected.

Among the largest creditors are:

• Entertainment Properties Trust/LCVP VinREIT
• LaChance Financial Services
• Mitch Cosentino
• California First Leasing
• Mayer Brown LLP
• Holland and Knight LLC

Wine Executive News subscribers please click here to read access the trustee’s final report which contains a list of all creditors and the amounts owed.

PREVIOUS WINE INDUSTRY INSIGHT COVERAGE OF COSENTINO WINERY

• Mitch Cosentino Sues Soldinger & Directors of His Former Winery Company
• Cosentino Winery – Lender & Exclusive Investor To Negotiate Private Sale
• Cosentino Winery Re-Opening Planned For End of January
• Cosentino Winery – Lender & Exclusive Investor To Negotiate Private Sale
• Cosentino Winery Sale Set, Management AWOL
• Cosentino Winery Bankruptcy Update – License & 840+ Affected Parties
• Cosentino Winery Closes
• Cosentino Winery Hit With Involuntary Liquidation Court Papers
• Cosentino Winery In Foreclosure, Owes Almost $20Mln, Liquidation May Be In Works.
• Cosentino Winery: New $147K IRS Lien, $511K Court Levy, Possible Cellar Gear Repo
• Cosentino Financing Fails, Will Cease Custom Crush
• Cosentino Running Out of Last Chances? Growers Head For Court, MCOZ Stock Suspended Again
• Cosentino Gets Brief CDFA License Suspension
• Cosentino: Legal, Regulatory Hurdles Mount
• Cosentino Loses $14.2Million on Revenues of $10.2Million
• Cosentino Winery’s Legal Issues Could Seal Its Fate In Next Few Weeks
• Cosentino Winery Sued For $500K+ In Latest Legal Battle
• Follow-Up On CDFA Cosentino Hearing
• Judge Lets Cosentino Dodge $1.2 Million In Grower Payment Demands
• Cosentino Woes Mount, Stock Trading Suspended
• Cosentino’s Strong Consumer Support Not Reflected In Financials
• Cosentino Scrambles For Shelter To Stay Ahead Of Lawsuits
• Sale/Leaseback Owners Shopping Cosentino’s Lodi, Pope Valley Wineries and Vineyards
• Cosentino’s Financial & Legal Woes Gathering Momentum
• Cosentino Defaults On Loan Interest, Says Current Banks Won’t ReFi

Not a Wine Executive News subscriber yet?

Subscribe to Wine Executive News now, and get the rest of this original article along with everything else on the site every day, including original documents, spreadsheets,and source materials for just $13.99 per month.